HYPE surged to $97 at the end of last month, just shy of its all-time high, before plummeting nearly 20%. Prior to this, Hyperliquid had been riding a wave of positive news: Trump publicly named it, legendary Wall Street investor Druckenmiller tweeted his support, and ICE, the parent company of the NYSE, announced a partnership. This team of only 11 people had accumulated over $1.2 billion in contractual revenue, almost all of which was used to buy back HYPE shares. However, after the surge, whales and institutions like a16z and FalconX successively transferred out or sold off their holdings, resulting in a continuous net outflow from the HYPE spot ETF.